www.darkreading.com Open in urlscan Pro
2606:4700::6812:6b2f  Public Scan

Form analysis
0 forms found in the DOM

Text Content

The Edge
DR Tech
Sections
Close
Back
Sections
Featured Sections
The Edge
Dark Reading Technology
Attacks / Breaches

Cloud

ICS/OT

Remote Workforce

Perimeter

Analytics
Security Monitoring

Security Monitoring
App Sec
Database Security

Database Security
Risk
Compliance

Compliance
Threat Intelligence

Endpoint
AuthenticationMobile SecurityPrivacy

AuthenticationMobile SecurityPrivacy
Vulnerabilities / Threats
Advanced ThreatsInsider ThreatsVulnerability Management

Advanced ThreatsInsider ThreatsVulnerability Management
Operations
Identity & Access ManagementCareers & People

Identity & Access ManagementCareers & People
Physical Security

IoT

DR Global
Middle East & Africa

Middle East & Africa
Black Hat news
Omdia Research
Events
Close
Back
Events
Events
 * Think Like An Attacker - A Dark Reading November 16 Event
   
 * Black Hat Europe - December 4-7 - Learn More
   

Webinars
 * Using AI in Application Security Tooling
   Oct 12, 2023
 * The Enterprise View to Cloud Security
   Oct 17, 2023

Resources
Close
Back
Resources
Dark Reading Library >
Reports >
Webinars >
White Papers >
Slideshows >
Newsletters >
Events >
Partner Perspectives: Microsoft
Partner Perspectives: Google Cloud

Newsletter Sign-Up

The Edge
DR Tech
Sections
Close
Back
Sections
Featured Sections
The Edge
Dark Reading Technology
Attacks / Breaches

Cloud

ICS/OT

Remote Workforce

Perimeter

Analytics
Security Monitoring

Security Monitoring
App Sec
Database Security

Database Security
Risk
Compliance

Compliance
Threat Intelligence

Endpoint
AuthenticationMobile SecurityPrivacy

AuthenticationMobile SecurityPrivacy
Vulnerabilities / Threats
Advanced ThreatsInsider ThreatsVulnerability Management

Advanced ThreatsInsider ThreatsVulnerability Management
Operations
Identity & Access ManagementCareers & People

Identity & Access ManagementCareers & People
Physical Security

IoT

DR Global
Middle East & Africa

Middle East & Africa
Black Hat news
Omdia Research
Events
Close
Back
Events
Events
 * Think Like An Attacker - A Dark Reading November 16 Event
   
 * Black Hat Europe - December 4-7 - Learn More
   

Webinars
 * Using AI in Application Security Tooling
   Oct 12, 2023
 * The Enterprise View to Cloud Security
   Oct 17, 2023

Resources
Close
Back
Resources
Dark Reading Library >
Reports >
Webinars >
White Papers >
Slideshows >
Newsletters >
Events >
Partner Perspectives: Microsoft
Partner Perspectives: Google Cloud
The Edge
DR Tech
Sections
Close
Back
Sections
Featured Sections
The Edge
Dark Reading Technology
Attacks / Breaches

Cloud

ICS/OT

Remote Workforce

Perimeter

Analytics
Security Monitoring

Security Monitoring
App Sec
Database Security

Database Security
Risk
Compliance

Compliance
Threat Intelligence

Endpoint
AuthenticationMobile SecurityPrivacy

AuthenticationMobile SecurityPrivacy
Vulnerabilities / Threats
Advanced ThreatsInsider ThreatsVulnerability Management

Advanced ThreatsInsider ThreatsVulnerability Management
Operations
Identity & Access ManagementCareers & People

Identity & Access ManagementCareers & People
Physical Security

IoT

DR Global
Middle East & Africa

Middle East & Africa
Black Hat news
Omdia Research
Events
Close
Back
Events
Events
 * Think Like An Attacker - A Dark Reading November 16 Event
   
 * Black Hat Europe - December 4-7 - Learn More
   

Webinars
 * Using AI in Application Security Tooling
   Oct 12, 2023
 * The Enterprise View to Cloud Security
   Oct 17, 2023

Resources
Close
Back
Resources
Dark Reading Library >
Reports >
Webinars >
White Papers >
Slideshows >
Newsletters >
Events >
Partner Perspectives: Microsoft
Partner Perspectives: Google Cloud

--------------------------------------------------------------------------------

Newsletter Sign-Up
SEARCH
A minimum of 3 characters are required to be typed in the search bar in order to
perform a search.




Announcements
 1. 

Event
Think Like an Attacker: Understanding Cybercriminals & Nation-State Threat Actor
| Nov 16 Virtual Event <REGISTER NOW>
PreviousNext

Attacks/Breaches

3 MIN READ

News



TOO RICH TO RANSOMWARE? MGM BRUSHES OFF $100M IN LOSSES

MGM wins big bet that days of operations outages is better business than paying
a ransom, following last month's data breach.
Becky Bracken
Editor, Dark Reading
October 06, 2023
Source: John Chu via Alamy Stock Photo
PDF


Following September's ransomware attack on MGM Resorts, the hospitality and
casino giant swiftly decided not to engage or negotiate with cybercriminals —
and based on its most recent Securities and Exchange Commission (SEC)
disclosure, the gamble paid off.



MGM's incident response strategy was a sharp left turn from Caesars
Entertainment, which after it was breached by the same threat actors, decided to
pay a negotiated ransom of $15 million and move on. In the days following the
casino cyberattacks, Caesars was back to day-to-day operations, while MGM
struggled to claw back operations for more than a week.

In its revised SEC disclosure form 8-K, MGM reports it lost about $100 million
as a result of the breach, which seems like a hefty price tag at first blush.
However, the company noted that the losses will only slightly impact the
company's third quarter financials, with minimal potential spillover into the
fourth quarter. For comparison's sake, MGM hauled in nearly $4 billion in
revenue in the second quarter of the year, across its global operations — and
$2.1 billion in revenue from its Las Vegas properties alone.

"The Company does not expect that it will have a material effect on its
financial condition and results of operations for the year," MGM said. The
casino juggernaut is already looking forward to November Formula 1 racing coming
to the Vegas Strip, which it added will boost its fourth quarter earnings
significantly.



Caesars, on the other hand, made the choice to pay, despite widespread guidance
against meeting ransom demands.



"Paying a ransom to cybercriminals does not guarantee a full return of an
organization's systems and data, and only furthers the ransomware ecosystem,"
according to Anne Cutler, cybersecurity evangelist with Keeper Security.
"Although the $100 million in losses are costly on the surface, MGM's decision
not to pay the ransom followed the course of action recommended by cybersecurity
experts, government, and law enforcement."

The outcome makes a surprising business case for telling cybercriminals to pound
sand following a ransomware attack.


DO DEEP POCKETS MAKE ORGS BETTER OR WORSE TARGETS?

Are some organizations just too rich to ransomware?

"No company is too big to hack; the key issue is a business too resilient to
hack," Viakoo CEO Bud Broomhead says. "MGM may have invested heavily in backup
and recovery, and may use this attack to learn where their weakness[es] are so
next time they will be even more resilient to attack."



Cutler points out that for small- and midsize businesses, a ransomware attack
"could force them out of business entirely." Larger businesses are more
financially equipped to absorb remediation costs.

But instead of gambling on whether to pay after a ransomware attack already
happens, it's smarter for businesses to continually invest in cybersecurity
technology to keep up with evolving threat actors, according to Omri Weinberg,
co-founder of DoControl.

"No company will ever be fully bulletproof, and just like the casino, you need
to bet where to invest the resources and funds into your cybersecurity
practice," Weinberg says. "Adversaries will always be more sophisticated with
new technologies, and it's a never-ending game."

Cybersecurity Kevlar aside, Broomhead commends MGM's incident response to the
ransomware attack.

"MGM deserves credit for not paying the ransom; hopefully their example will
push more organizations to focus on resiliency and business continuity,"
Broomhead says. "It's never a question of will you be hacked, just when you'll
be hacked and how prepared you are for it."

Threat Intelligence
Keep up with the latest cybersecurity threats, newly-discovered vulnerabilities,
data breach information, and emerging trends. Delivered daily or weekly right to
your email inbox.
Subscribe

More Insights
White Papers
 * 
   The Forrester Wave: External Threat Intelligence Service Providers, Q3 2023
 * 
   9 Traits You Need to Succeed as a Cybersecurity Leader

More White Papers
Webinars
 * 
   Using AI in Application Security Tooling
 * 
   The Enterprise View to Cloud Security

More Webinars
Reports
 * 
   Passwords Are Passe: Next Gen Authentication Addresses Today's Threats
 * 
   The State of Supply Chain Threats

More Reports

Editors' Choice
'Looney Tunables' Bug Opens Millions of Linux Systems to Root Takeover
Elizabeth Montalbano, Contributor, Dark Reading
Bing Chat LLM Tricked Into Circumventing CAPTCHA Filter
Dark Reading Staff, Dark Reading
How the Okta Cross-Tenant Impersonation Attacks Succeeded
Nigel Douglas, Senior Technical Manager, Detection & Response, Sysdig
Fast-Growing Dropbox Campaign Steals Microsoft SharePoint Credentials
Elizabeth Montalbano, Contributor, Dark Reading
Webinars
 * Using AI in Application Security Tooling
 * The Enterprise View to Cloud Security
 * Fundamentals of a Cyber Risk Assessment
 * DevSecOps for Mobile App Development
 * When Tech Converges, Orgs Consolidate: Navigating Change Across your Security
   Platforms

More Webinars
Reports
 * Passwords Are Passe: Next Gen Authentication Addresses Today's Threats
 * The State of Supply Chain Threats
 * How to Deploy Zero Trust for Remote Workforce Security
 * How to Use Threat Intelligence to Mitigate Third-Party Risk
 * Everything You Need to Know About DNS Attacks

More Reports

White Papers
 * The Forrester Wave: External Threat Intelligence Service Providers, Q3 2023
 * 9 Traits You Need to Succeed as a Cybersecurity Leader
 * The Ultimate Guide to the CISSP
 * Cybersecurity in a post pandemic world: A focus on financial services
 * Cybersecurity in 2023 and beyond: 12 leaders share their forecasts

More White Papers
Events
 * Think Like An Attacker - A Dark Reading November 16 Event
 * Black Hat Europe - December 4-7 - Learn More
 * Black Hat Middle East and Africa - Nov 14-16 - Learn More
 * Black Hat Japan Trainings - Nov 13-14 - Learn More

More Events
More Insights
White Papers
 * 
   The Forrester Wave: External Threat Intelligence Service Providers, Q3 2023
 * 
   9 Traits You Need to Succeed as a Cybersecurity Leader

More White Papers
Webinars
 * 
   Using AI in Application Security Tooling
 * 
   The Enterprise View to Cloud Security

More Webinars
Reports
 * 
   Passwords Are Passe: Next Gen Authentication Addresses Today's Threats
 * 
   The State of Supply Chain Threats

More Reports

DISCOVER MORE FROM INFORMA TECH

 * InformationWeek
 * Network Computing
 * ITPro Today

 * Data Center Knowledge
 * Black Hat
 * Omdia

WORKING WITH US

 * About Us
 * Advertise
 * Reprints

FOLLOW DARK READING ON SOCIAL

 * 
 * 
 * 
 * 
 * 
 * 


 * Home
 * Cookies
 * Privacy
 * Terms



Copyright © 2023 Informa PLC Informa UK Limited is a company registered in
England and Wales with company number 1072954 whose registered office is 5
Howick Place, London, SW1P 1WG.





Cookies Button


ABOUT COOKIES ON THIS SITE

We and our partners use cookies to enhance your website experience, learn how
our site is used, offer personalised features, measure the effectiveness of our
services, and tailor content and ads to your interests while you navigate on the
web or interact with us across devices. You can choose to accept all of these
cookies or only essential cookies. To learn more or manage your preferences,
click “Settings”. For further information about the data we collect from you,
please see our Privacy Policy

Accept All
Settings



COOKIE PREFERENCE CENTER

When you visit any website, it may store or retrieve information on your
browser, mostly in the form of cookies. This information might be about you,
your preferences or your device and is mostly used to make the site work as you
expect it to. The information does not usually directly identify you, but it can
give you a more personalized web experience. Because we respect your right to
privacy, you can choose not to allow some types of cookies. Click on the
different category headings to find out more and change our default settings.
However, blocking some types of cookies may impact your experience of the site
and the services we are able to offer.
More information
Allow All


MANAGE CONSENT PREFERENCES

STRICTLY NECESSARY COOKIES

Always Active

These cookies are necessary for the website to function and cannot be switched
off in our systems. They are usually only set in response to actions made by you
which amount to a request for services, such as setting your privacy
preferences, logging in or filling in forms.    You can set your browser to
block or alert you about these cookies, but some parts of the site will not then
work. These cookies do not store any personally identifiable information.

Cookies Details‎

PERFORMANCE COOKIES

Performance Cookies

These cookies allow us to count visits and traffic sources so we can measure and
improve the performance of our site. They help us to know which pages are the
most and least popular and see how visitors move around the site.    All
information these cookies collect is aggregated and therefore anonymous. If you
do not allow these cookies we will not know when you have visited our site, and
will not be able to monitor its performance.

Cookies Details‎

FUNCTIONAL COOKIES

Functional Cookies

These cookies enable the website to provide enhanced functionality and
personalisation. They may be set by us or by third party providers whose
services we have added to our pages.    If you do not allow these cookies then
some or all of these services may not function properly.

Cookies Details‎

TARGETING COOKIES

Targeting Cookies

These cookies may be set through our site by our advertising partners. They may
be used by those companies to build a profile of your interests and show you
relevant adverts on other sites.    They do not store directly personal
information, but are based on uniquely identifying your browser and internet
device. If you do not allow these cookies, you will experience less targeted
advertising.

Cookies Details‎
Back Button


BACK



Search Icon
Filter Icon

Clear
checkbox label label
Apply Cancel
Consent Leg.Interest
checkbox label label
checkbox label label
checkbox label label

 * 
   
   View Cookies
   
    * Name
      cookie name

Confirm My Choices